Opening Bell:
Gift Nifty is down by 38.5 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets experienced a decline on Monday as investors analyzed China’s inflation figures and kept an eye on other significant economic indicators across the region. The Nikkei 225 in Japan dipped by 0.32%, with the Topix also experiencing a 0.46% drop. South Korea’s Kospi saw a slight increase of 0.29%, while the Kosdaq registered a marginal decline. Hong Kong’s Hang Seng index futures suggested a weaker start to the trading day.
US stocks closed with a mixed performance on Friday, marking another week of gains across all three indexes as investors closely followed remarks from Federal Reserve officials. The Dow Jones Industrial Average climbed by 125.08 points, or 0.32%, reaching 39,512.84, while the S&P 500 saw an increase of 8.6 points, or 0.16%, closing at 5,222.68. Conversely, the Nasdaq Composite dipped by 5.40 points, or 0.03%, ending the session at 16,340.87.
Stocks News:
👉Tata Motors, the renowned manufacturer of passenger and commercial vehicles, has announced a consolidated net profit of Rs 17,407 crore for the quarter ending March FY24, marking a remarkable 222 percent increase compared to the same period in the previous fiscal year, driven by a tax credit of Rs 8,159 crore and robust operational performance. During the quarter, revenue from operations also demonstrated significant growth, rising by 13.3 percent year-on-year to reach Rs 1,19,986 crore. Furthermore, Jaguar Land Rover, a subsidiary of Tata Motors, reported a notable 10.7 percent year-on-year increase in revenue, reaching 7,860 million pounds for the quarter. Additionally, the company witnessed a 150-basis-point expansion in EBITDA margin during the same period.
👉 Eicher Motors, the automotive company, has disclosed a standalone net profit of Rs 983.3 crore for the quarter ending March FY24, exhibiting a robust 32 percent increase compared to the corresponding period in the previous fiscal year, supported by solid operational performance. Additionally, revenue from operations witnessed a notable growth of 9.4 percent year-on-year, reaching Rs 4,192 crore for the quarter.
👉 Piramal Pharma, the pharmaceutical company, has announced a net profit of Rs 101 crore for the quarter ending March FY24, marking a significant 102 percent increase compared to the corresponding period in the previous fiscal year, supported by strong operational performance. Additionally, revenue experienced a notable 18 percent year-on-year growth, reaching Rs 2,552 crore for the quarter, primarily driven by robust expansion in the CDMO and ICH businesses.
👉 Aarti Industries, the chemical company, has disclosed a consolidated net profit of Rs 132 crore for the January-March quarter of FY24, showing a decrease of 11.4 percent compared to the same period in the previous fiscal year, despite witnessing higher revenue and improved operational metrics. Revenue from operations grew by 7 percent year over year, reaching Rs 1,773 crore for the quarter.
👉 FIIs sold shares worth Rs 2,117.50 crore while DIIs pumped in Rs 2,709.81 crore worth of stocks on May 10.
Domestic and International Events
- Government data revealed that India’s industrial production decelerated in March, with the Index of Industrial Production (IIP) growth rate decreasing to 4.9% from 5.7% in February. This indicates a notable slowdown in the pace of growth across various sectors of the economy during the specified period.
- In April, China witnessed its consumer prices ascending for the third consecutive month, while producer prices continued their descent. Consumer prices surged by 0.3% year-on-year in April, a notable increase compared to the 0.1% uptick in March and surpassing the forecasted 0.2% rise according to a Reuters poll. The overall consumer price index (CPI) also recorded a 0.1% uptick from the previous month, defying the anticipated 0.1% decline as per the poll and reversing the 1% drop observed in March. Conversely, the producer price index (PPI) registered a 2.5% decline year-on-year in April, a moderation from the 2.8% decrease noted in the preceding month. Despite this moderation, it marked an extension of the ongoing downward trend persisting for one and a half years.
- President Putin’s unexpected replacement of his defence minister shifts attention to commodities like gold and oil, amid Russian efforts to leverage a strategic edge in Ukraine. This move comes ahead of Putin’s visit to China and NATO’s meeting in Brussels. Oil prices experienced a decline, while gold remained stable. Meanwhile, mounting US concerns revolve around Israel’s offensive in Gaza, with warnings against inadvertently strengthening a Hamas insurgency. Secretary Blinken presses for a credible Israeli strategy for civilian protection in Rafah and post-conflict planning.
- Crude oil prices declined after Iraq said it will not agree to more output cuts at the next OPEC meeting. Brent crude oil dropped 0.33% to $82.52 a barrel, while the US West Texas Intermediate (WTI) crude futures fell 0.31% to $78.02 per barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,964 | 2.3 % |
| Shanghai Composite | 3,155 | 0.0 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,513 | 0.3 % |
| DAX | 18,773 | 0.5 % |
| FTSE 100 | 8,434 | 0.6 % |
| Nikkei | 38,229 | 0.4 % |
| Straits Times | 3,291 | 0.8 % |
